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Can you homestead land in Minnesota?

Who is eligible to homestead? If you own real estate property and you or a qualifying relative occupies the property by December 31, you may apply for homestead status by December 31. You can only homestead one residential parcel in the State of MN.

What is considered a homestead in Minnesota?

(a) Residential real estate that is occupied and used for the purposes of a homestead by its owner, who must be a Minnesota resident, is a residential homestead.

How does homestead exemption work in Minnesota?

Minnesota statute allows homeowners to claim up to $390,000 in property value, or $975,000 if agricultural, as a "homestead." State law limits this exemption to 160 acres, which in practice may apply to farms, but has removed what was once a half-acre limit on property within city limits.

What is the homestead exclusion in MN?

The exclusion reduces the taxable market value of qualifying homestead properties. By decreasing the taxable market value, net property taxes are also decreased. For homesteads valued at $76,000 or less, the exclusion is 40% of the market value, creating a maximum exclusion of $30,400.

What is considered a homestead in Minnesota?

(a) Residential real estate that is occupied and used for the purposes of a homestead by its owner, who must be a Minnesota resident, is a residential homestead.

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